The Season of Rewarding is Upon UsThe Holidays are a magical time of the year when gifts are exchanged, vacation days are cashed in, and everyone gets fed up with their relatives. In this final month of the year employers have a tendency to be just as giving. Whether these are companywide gifts, gift cards, cash bonuses, extra PTO or other incentives, they generally roll in during this time of the year. This traditional system of year-end bonuses is a tough way to keep employee engagement high. Spot bonuses are not great ways to incentivize people to work hard the rest of the year. Year-end employee rewards are something that encourage employees to increase productivity leading up to December but might not have the same effect on increasing urgency on January 1. Traditional employee reward methods are becoming obsolete. How to Have Year-End Urgency in JanuaryEmployee Recognition. How do you incentivize anyone? You tie them to team values and reward them when they live those values. Goals are good. Especially quantitative goals. Sales teams usually have a goal and reward when they hit that goal, as a collective group they are empowered and excited. Employee Recognition takes that empowerment and makes it personal. Rather than rewarding the entire group it lets the group reward one another as they strive to hit their goals. “Great job on that last call +10 points #slinging deals” is one of the examples of what happens internally at Nectar HR when our sales team gets rolling. Peer to peer recognition is the future of creating that year-round urgency that companies want.How to Recognize EmployeesRudolph the Red Nose Reindeer was kind of a chump. He got bullied until Santa gave him a shout out in front of all of his coworkers. Then they wrote a song about him and his productivity shot through the roof. Recognizing employees empowers them to take action and perform better work. Peer to Peer Recognition programs foster a community of empowered people. Engaging with one another is a positive way by micro bonuses and a social feed of shout outs intensifies the effect of giving a shout out because it is public, meaningful, and far more frequent. Recognize employees in a way that is meaningful and tied to company values “Rudolph you totally guided the sled tonight! We would have been lost without you! #team player +20 points”. Then let those points be tied to redeemable items that employees care about.How to Make a Cost-Effective Peer Recognition ProgramAt Nectar HR the number one thing that we hear constantly is “how much will it cost?” People are accustomed to platforms that are costly and sit on a high price per employee per month. Using Nectar, the cost is the budget that administrators allocate to their employees each month. Most companies have a recognition budget or buy gift cards on a regular basis to reward their employees. By eliminating physical gift cards and handing the budget to the employees you have created a peer to peer recognition program that is more effective and saves money. Don’t pay for things you don’t need or use. Nectar HR is customizable so it can fit your exact needs.Does Employee Engagement Work?
There are statistics that I could use to prove
how well Employee Engagement works but here is the logical breakdown of why peer to peer recognition and our employee engagement platform work:
Rewarding employees has never been easier or more important. You can blame us millennials or just assume that everyone is trying to hire top talent, regardless this new work force is very mobile and keeping employees engaged and improve retention are the key challenges that Human Resource teams currently face.Nectar HR Employee EngagementOur platform at Nectar HR is comprised of three pillars:
- You are rewarding employees on a more frequent basis. You have added an entire new system of micro bonuses that can be handed out at any time during the month and then resets each month
- Peer to peer recognition empowers everyone to recognize everyone. Productivity increases because each employee is able to go above and beyond and receive reward from their coworkers and not just their managers
- Budget doesn’t have to increase because the core product is free. Now instead of buying fistfuls of gift cards that sit in a drawer collecting dust you only pay for gift cards when they get redeemed.
The Nectar HR core product is absolutely free and can instantly be a tool used by all HR teams to enhance company culture and setup an efficient rewards and recognition program.
- Employee Rewards and Recognition – Digital Gift Card rewards that are redeemable by each individual based on the peer to peer recognition system of points that is in place
- Employee Voice – eNPS and Pulse surveys that empower employees to leave feedback in an anonymous way
- Employee Perks and Discounts – The sprinkle on the top of our cake that lets employees enjoy discounts from some of the nation’s top brands